Only 14 percent of working Americans believe they will need daily assistance at some point during retirement, yet 66 percent of us will. A Place for You can help you navigate your care journey no matter what your financial situation is. Here are some available options to help you pay for care:
LIFE INSURANCE POLICY CONVERSION – Can help you pay for senior care in the home or in assisted living, home modifications, or to allow participants to gain Medicaid eligibility.
LONG-TERM CARE INSURANCE – Separate from your medical insurance, these policies help pay for the daily cost of care.
MEDICAID – Covers long-term care services in nursing facilities and in the community for qualified people.
MEDICARE – Pays for home health care while you recover from an accident or illness.
MI CHOICE MEDICAID WAIVER – A long-term care program that provides support services in the home.
PACE – Program of All-Inclusive Care for the Elderly (PACE), PACE is a Medicare program that covers medical and social service expenses for adults who remain at home but require the type of care given in a nursing home.
REVERSE MORTAGES – A reverse mortgage or Home Equity Conversion Mortgage (HECM) is a type of home loan for homeowners who are 62 and older.
VETERANS BENEFITS – Veterans and their dependents may qualify for tax-free supplemental income.